Commodities Update 59

Commodities Update 59

1. marraskuuta 2016

Important legal information

The meeting of OPEC- and not-OPEC members in Vienna ended without results: There has been no agreement on the limit of production. As a result the oil price opens with losses into the new trade week. Brent oil as well as WTI-oil fell to a month low. Russia, Azerbaijan and Kazakhstan declined to participate in production cuts. Furthermore Mexico, Brasil and Oman plan to continue to promote oil at the same level as before. Additional negotiations are planned in the next three to four weeks before the OPEC meeting at the end of Novembe.

An unforeseen event in the US presidential debate brought the gold price to a 3,5 week high to USD 1284 per ounce. Shortly after FBI-Chief James Comey published new information concerning the Email scandal surrounding Clinton. With the growing uncertainty of the outcome of the election the gold price rose.

In south Africa the worldwide biggest platinum producer Anglo American Platinum agreed on a 3 year collective agreement with the trade union AMCU resulting in a salary increase for the employees. Further negotiations with the producers Impala Platinum and Lonmin are also coming to an end. This lead to a degrease of the platinum price at the beginning of the week to USD 978 ( -0,25 percent) per ounce.

 

26.10.2021 8:01:21